Carey Advises on US$12 Million Blanco y Negro Tender Offer

Carey advised Rentas ST, a company controlled by Leonidas Vial, on the negotiation and execution of an agreement for the sale of its shares in Blanco y Negro (Colo Colo) to Inversiones Panitao, a company wholly owned by Aníbal Mosa, through a public tender offer (OPA) extended on equal terms to all shareholders of Blanco y Negro. The transaction had a reported value of USD 12 million and closed on June 5, 2026.

The firm’s mandate also included preparing the tender offer documentation in accordance with applicable legal requirements and the regulations of Chile’s Financial Market Commission (CMF), as well as advising Larraín Vial Corredora de Bolsa in its capacity as manager of the public tender offer.

According to the parties, the transaction required the negotiation, execution and completion of the agreement within an extremely short timeframe between parties that had historically disputed control of Blanco y Negro. The structure enabled the buyer to secure the votes required to elect a majority of the board of directors at a shareholders’ meeting scheduled for the first quarter of 2026.

The Carey team was led by partner Salvador Valdés, with associates Matías Garcés and Trinidad Reyes. PricewaterhouseCoopers advised Inversiones Panitao, with partner Francisco Selamé leading the mandate. Larraín Vial Corredores de Bolsa acted as financial advisor.

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